find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Holding on to lateral partner hires

Holding on to lateral partner hires

Australian firms are faring better than those in the UK when it comes to the retention of laterally appointed partners. Briana Everett reports.The London legal market is suffering from a…

Australian firms are faring better than those in the UK when it comes to the retention of laterally appointed partners. Briana Everett reports.

The London legal market is suffering from a significant degree of attrition for lateral partner hires, according to new research by Motive Legal Consulting.

The research, which examined 1,944 partner moves within a five-year period (from 2005 to 2010), has revealed that London partners are leaving firms just a few years after joining. The study found that approximately one-third of partners left the firm they joined after just three years. After five years at a firm, the attrition rate jumped to 44 per cent.

The research also found that US firms were remarkably less successful in hiring partners than UK firms. About 45 per cent of partners hired by US firms had moved on within three years (between 2007 and 2010), compared with the attrition rate of 30 per cent for UK firms in the same period.

"We have not witnessed a similar trend regarding lateral partner retention in Australia. Here, most of the partners are being hired laterally by the mid-tiers, as many of the top-tier firms have openly and deliberately resisted expanding partner numbers over the past few years," says director of Burgess Paluch Legal Recruitment, Doron Paluch.

"Where there is attrition, we find that it has mostly been due to partners not delivering on what they have promised or expected. On occasion a partner will expect a substantial [client] following and be hired and remunerated on that expectation. If over time it becomes clear that the partner has overestimated, the new employer may decide to cut its losses."

Paluch also notes that mid-tier firms will usually give a new partner every chance to deliver given the substantial investment involved in recruiting a partner, from both a financial and public relations perspective.

"Generally, firms in Australia do a good job of integrating new partners," he says. "Partners themselves need to start at a new firm with the right approach ... We always encourage the partners we assist to be very strategic when considering their options."

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Holding on to lateral partner hires
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...